Intro - Benchmark Regulation

MSCI as a Benchmark Administrator

MSCI has been committed to high standards in benchmark administration long before the EU benchmark regulation was enacted, as evidenced through our long history as a respected benchmark provider and our adoption of the IOSCO Principles for Financial Benchmarks (described below). We fully support the aims of the EU and UK benchmark regulation and have been an active contributor to the development of the benchmark regulation from the outset.

Below you can find information about MSCI’s status as a regulated benchmark administrator under the UK benchmark regulation (“UK BMR”) and EU benchmark regulation (“EU BMR”). For a quick start guide to navigate to MSCI regulatory related links and information, including MSCI benchmark regulation related links, please see our Navigator (PDF, 229 KB).

On March 5, 2018, MSCI Limited (located and registered at Ten Bishops Square, 9th Floor, London E1 6EG, UK) was granted authorization by the UK’s Financial Conduct Authority (“FCA”) as a UK benchmark administrator. Initially, the authorization covered MSCI equity and blended indexes. On June 13, 2019, MSCI notified the FCA in relation to specific UK MSCI Private Real Estate Indexes used as regulated benchmarks under the BMR. On December 16, 2019, MSCI notified the FCA in relation to the MSCI fixed income indexes.

MSCI Limited is listed on the FCA Financial Services Register. The list of MSCI indexes covered by MSCI’s authorization with the UK’s Financial Conduct Authority (“FCA”) as a UK benchmark administrator can be found as described below.

Pursuant to Article 6.5 of the benchmark regulation, clients of MSCI may request a copy of the MSCI BMR Control Framework here.

For information on MSCI Limited’s authorization with the FCA, MSCI’s benchmark families and benchmark statements, relevant compliance statements and the indexes covered by MSCI’s authorization, please see: Information related to MSCI Limited's authorization (PDF, 186 KB)

European Union (EU) Benchmark Regulation

United Kingdom (UK) Benchmark Regulation

Outro - Benchmark Regulation

MSCI Private Real Estate Indexes – Permissioning process for UK BMR and EU BMR regulated uses

Because contributors to MSCI Private Real Estate Indexes may be supervised contributors and regulated directly under the UK BMR and EU BMR, MSCI requires that all UK BMR and EU BMR regulated uses of MSCI Private Real Estate Indexes are expressly permissioned by MSCI through the formal process explained below. MSCI has also restricted potential UK BMR and EU BMR regulated use to the Total Return, Income Return and Capital Growth measures as well as Index Weights for the following indexes in the UK market:

  • the MSCI/AREF UK Quarterly Property Fund Index
  • the MSCI UK Annual Property Index
  • the MSCI UK Quarterly Property Index
  • the indexes with frozen history created from the same index universes as the indexes above that a licensed client requests for a UK BMR and EU BMR regulated use (such use subject to MSCI’s permission in each instance)

To apply for permission, MSCI clients are required to download the MSCI Private Real Estate Index Application for EU BMR Regulated Use (PDF, 1.7 MB) form and send the completed form to If, after reviewing the application, MSCI approves the MSCI Private Real Estate Index for a UK BMR and EU BMR regulated use, the MSCI client will be required to sign the permission letter. MSCI will not accept, or reply to, any requests from parties that are not MSCI clients for the relevant MSCI Private Real Estate Indexes.

Use of any MSCI Private Real Assets Indexes, including any MSCI Private Real Estate Indexes, for UK BMR or EU BMR regulated uses outside this MSCI permission process is strictly prohibited.